Yesterday traders stepped in and bought the hog market, establishing new long positions and anticipating a bottom. Total OI in lean hogs was up over 4,400 cars with OI increasing in all contracts with the exception of Aug. OI in the Aug was down 9. Cash prices have stabilized this week, that's a fact. The futures and index have converged, that's also a fact. The cutout finished into a new low for the current move yesterday, that is also
a fact. We sold the Dec hogs earlier this week and our breakeven stops have been partially elected. We're short from 8910 to 8950. I'm not convinced of a meaningful bottom but I also don't want to turn this into a loser. If we do bottom, I look forward to establishing short positions closer to the seasonal top timing, around Thanksgiving.